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RUA Life Sciences Share Price: Why Did This Penny Stock Explode?

Medical doctor in the laboratory with a biological tube for analysis and sampling of Covid19 infectious disease. Coronavirus

You must be wondering what caused a sudden surge in the RUA Life Sciences stock price. Although small-cap stocks like AIM: RUA may often show such dramatic price pumps without any reason, this time there is a good reason.

The latest price surge in the shares of RUA Life Sciences could be attributed to the recent update on the firm’s business operations. The promising update showed that in order to double its business size, the company is targeting larger projects.

In addition, the firm is looking for funding options that won’t dilute its equity. This update has been received very well by the market participants, as the stock is up 256% in November.

The ongoing rally is very significant as it comes right after the RUA Life Sciences shares hit their all-time lows at the end of October. Technical analysis reveals an effortless breakout above the 31p resistance level. However, the stock is struggling to break above the 54p level which is the next major resistance.

RUA Life Sciences share price chart
AIM: RUA Latest Analysis